Daewoo Engineering & Construction (Daewoo E&C) has been selected as the preferred bidder for a significant mineral fertilizer plant project by the Turkmenhimiya state concern, Business Korea reports.
The Turkmenabat Mineral Fertilizer Plant, located in Turkmenabat, will boast an annual production capacity of 350,000 tons of phosphate fertilizer and 100,000 tons of ammonium sulfate. These fertilizers are crucial for enhancing agricultural productivity, a key focus of Turkmenistan’s economic strategy.
Daewoo E&C will disclose the exact construction cost and duration after the main contract is signed.
The selection of Daewoo E&C as the preferred bidder is the culmination of a series of high-level engagements and strategic efforts. In 2022, Daewoo E&C Chairman Jung Won-ju signed a memorandum of understanding (MOU) with the National Leader and chairman of the People’s Council of Turkmenistan Gurbanguly Berdimuhamedov during his visit to Korea. This MOU laid the groundwork for future cooperation and set the stage for Daewoo E&C’s involvement in the project.
In November 2022, Chairman Jung met with Berdimuhamedow again to further solidify the partnership. This was followed by an official visit from South Korean President Yoon Suk-yeol to Turkmenistan in June, which provided additional support for Daewoo E&C’s bid.
In September, Minister of Land, Infrastructure and Transport Park Sang-woo also visited Turkmenistan.
Chairman Jung’s commitment to the project is evident from his three visits to Turkmenistan, aimed at strengthening the partnership and ensuring the project’s success. Daewoo E&C’s selection as the preferred bidder is a testament to these efforts and the company’s reputation for excellence in large-scale international projects.
Daewoo E&C expressed its vision for the future, stating, “We will continue to expand our overseas business based on eco-friendly technology and innovation, playing a leading role in the global EPC market.” The company also emphasized its commitment to sustainability, adding, “We will actively participate in projects for a sustainable future.”
The diplomatic and economic relations between South Korea and Turkmenistan have been strengthened through recent high-level visits and agreements. The MOU signed between Daewoo E&C and Turkmenistan’s leadership is a crucial element of this collaboration.
Large-scale construction projects like the Turkmenabat Mineral Fertilizer Plant can bring substantial economic benefits to a region, including job creation, infrastructure development, and technological advancements. The project’s impact on Turkmenabat and Turkmenistan as a whole is expected to be profound, fostering economic growth and development.